Hoisted up: Portugal revises forecast growth

New estimate a lot better than what was predicted up to now, says Deputy Prime Minister Paulo Portas.

LISBON: Portugal’s government on Friday hoisted its forecast for economic growth this year to 1.2% from the 0.8% it had previously given. “This new estimate is a lot better than what was predicted up to now,” Deputy Prime Minister Paulo Portas told a news conference as he presented the results of the latest visit by representatives from Portugal’s troika of creditors, the International Monetary Fund (IMF), the European Union (EU) and the European Central Bank. The European Commission, however, in its latest economic forecasts for the 18-member Eurozone on Tuesday, kept Portugal’s growth forecast this year pegged at 0.8%, with the prospect of 1.5% next year. Portugal’s government said the troika was satisfied with the progress of austerity policies to rein in debt.

Published in The Express Tribune, March 2^nd, 2014.

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